Fitch Ratings continues to apply its government support framework to rate China’s national asset management companies (AMC), as the AMC’s crucial policy role results in a high probability of government support. However, we believe the government offers inconsistent support for the financial sector overall, prioritising AMCs below other policy institutions and deposit-funded systemically important banks. A recent peer review of the four rated AMCs resulted in a one-notch downgrade of China Great Wall Asset Management Co., Ltd. (BBB-/Stable) and China Orient Asset Management Co., Ltd. (BBB+/Stable) and the affirmation ... (full story)